Statement of Cash FlowsIndirect Method The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $ 826,270 $ 891,240 Accounts receivable (net) 751,910 685,800 Inventories 1,140,250 1,049,360 Prepaid expenses 26,440 31,400 Land 284,240 429,660 Buildings 1,313,770 809,740 Accumulated depreciation-buildings (371,820) (347,030) Equipment 462,710 409,000 Accumulated depreciation-equipment (127,250) (142,940) Total assets $4,306,520 $3,816,230 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 818,240 $ 863,450 Bonds payable 241,170 0 Common stock, $20 par 283,000 105,000 Paid-in capital: Excess of issue price over par-common stock 680,000 502,000 Retained earnings 2,284,110 2,345,780 Total liabilities and stockholders' equity $4,306,520 $3,816,230 The noncurrent asset, noncurrent liability, and stockholders equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 429,660 Apr. 20 Realized $135,200 cash from sale 145,420 284,240 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 809,740 Apr. 20 Acquired for cash 504,030 1,313,770 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 347,030 Dec. 31 Depreciation for year 24,790 371,820 ACCOUNT Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 409,000 Jan. 26 Discarded, no salvage 45,000 364,000 Aug. 11 Purchased for cash 98,710 462,710 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 142,940 Jan. 26 Equipment discarded 45,000 97,940 Dec. 31 Depreciation for year 29,310 127,250 ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 May 1 Issued 15-year bonds 241,170 241,170 ACCOUNT Common Stock, $20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 105,000 Dec. 7 Issued 8,900 shares of common stock for $40 per share 178,000 283,000 ACCOUNT Paid-in Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 502,000 Dec. 7 Issued 8,900 shares of common stock for $40 per share 178,000 680,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 2,345,780 Dec. 31 Net loss 29,690 2,316,090 Dec. 31 Cash dividends 31,980 2,284,110 Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Whitman Co. Statement of Cash Flows For the Year Ended December 31, 20Y2 Cash flows from operating activities: $ Adjustments to reconcile net loss to net cashflow from operating activities: Changes in current operating assets and liabilities: Net cash flow used for operating activities $ Cash flows from investing activities: $ Net cash flow used for investing activities Cash flows from financing activities: $ Net cash flow from financing activities $ Cash at the beginning of the year Cash at the end of the year $